In a more cautious European M&A market in 2025, Clearwater once again delivered strong results, strengthening our business across Europe, and continuing to invest in our people and leadership.
Debt advisory
In a year where financing conditions continued to evolve, Clearwater’s debt advisory team advised on 69 mandates totalling €3.3bn with continued client demand for tailored capital solutions.
In an environment shaped by tighter credit scrutiny and more nuanced funding decisions, creative structuring and clear advice were increasingly critical. Clearwater supported clients not only on pricing, but on identifying the right capital structures to support growth, acquisitions and long-term value creation.
We also invested in leadership to support clients through complexity:
- Khalid Afras was appointed Head of Leveraged Finance for the DACH region, underscoring our commitment to integrated financing expertise
- Lukas Augsbach was promoted to Partner in Germany, strengthening our position as a leading debt advisory firm in the DACH region
- Michele Castiglioni was promoted to Associate Partner in Italy as we deepened our debt advisory coverage in southern Europe
- Ari Suolanen joined as Director in Finland
- Ben Crowe was promoted to Director in the UK
These additions and promotions reflect both client demand and our strategic focus on building teams with real execution experience.
Strong performance in a challenging environment
In 2025, Clearwater completed 201 deals with a total value of €10.44bn, and an impressive 85 cross-border transactions, reflecting the way we work: one team, across borders, with local expertise and genuinely collaborative execution.
Across Europe, deal activity in 2025 unfolded against a backdrop of cautious sentiment and structural complexity. After a modest rebound in 2024, early-year volumes were softer, with some regions experiencing deal counts down by more than 25% compared with prior periods. Deal decisions were shaped by ongoing economic and political uncertainty, persistent gaps between buyer and seller price expectations, and continued scrutiny around financing and value.
However, as the year progressed, sentiment improved and dealmakers showed growing confidence, with activity remaining solid overall despite continued headwinds. Against this backdrop, Clearwater’s consistent performance highlights the resilience of our business and the strength of deal craft in a challenging market.
Debt advisory
In a year where financing conditions continued to evolve, Clearwater’s debt advisory team advised on 69 mandates totalling €3.3bn with continued client demand for tailored capital solutions.
In an environment shaped by tighter credit scrutiny and more nuanced funding decisions, creative structuring and clear advice were increasingly critical. Clearwater supported clients not only on pricing, but on identifying the right capital structures to support growth, acquisitions and long-term value creation.
We also invested in leadership to support clients through complexity:
- Khalid Afras was appointed Head of Leveraged Finance for the DACH region, underscoring our commitment to integrated financing expertise
- Lukas Augsbach was promoted to Partner in Germany, strengthening our position as a leading debt advisory firm in the DACH region
- Michele Castiglioni was promoted to Associate Partner in Italy as we deepened our debt advisory coverage in southern Europe
- Ari Suolanen joined as Director in Finland
- Ben Crowe was promoted to Director in the UK
These additions and promotions reflect both client demand and our strategic focus on building teams with real execution experience.
Clearwater’s consistent performance highlights the resilience of our business and the strength of deal craft in a challenging market.
Platform expansion and leadership progression
2025 was a year of continued investment in leadership and capability across the firm:
Strategic platform development
- Vulcain joined Clearwater in France as a strategic partner, and following a successful transition into the group, the team rebranded as Clearwater France & Belgium, creating a stronger continental presence
Team growth, promotions and key appointments
In 2025 we grew our headcount by 7%, promoted 70 colleagues, and added 10 new partners across 13 countries. This growth reflects our commitment to developing talent and strengthening our teams, alongside continued client demand and a healthy pipeline across Europe.
Senior promotions and appointments in 2025 included:
- Jens Holst Stevn was promoted to Director in Denmark
- Niklas Lönnberg & Kimmo Voutilainen were promoted to Partner in Finland
- Adrian Saif was promoted to Partner in Germany
- Michael Bälz appointed Managing Director in Germany, reinforcing healthcare sector focus
- Özgür Büber joined as Director in Germany
- Martin Kooistra joined as Partner in the Netherlands
- Robert Voogd joined as Director in the Netherlands
- Afonso Lima & Duarte Vaz promoted to Associate Partner in Portugal
- Vicente Orts promoted to COO in Spain
- Marcos Linares was promoted to Director in Spain
- Berta Esteban, David Monfort & Guillermo Sala joined as Directors in Spain
- Felicia Nordin was promoted to COO in Sweden
- Zack Goddard & Mark Maunsell promoted to Partner in the UK focused on Industrials and Business Services respectively
- Gregory Cornes, John Haygarth, Tom Kaye & Dom Moir were promoted to Director in the UK
These moves reflect our belief in developing home-grown leadership and aligning senior responsibility with client priorities.
Office moves
As our teams continued to grow, a number of office moves became an important part of how we support collaboration and client engagement. In 2025, our Birmingham, Copenhagen, Aarhus and Paris teams moved into new offices, creating spaces designed to bring teams together, support expanding client activity and reflect the scale and ambition of our markets.
Supporting our people and culture
Throughout 2025, we continued to invest in the development, engagement and well-being of our teams.
In our engagement survey, with participation from 425+ Clearwater colleagues across 20 offices, the results were outstanding and something the firm can be genuinely proud of:
- 99% of our people said they are proud to work at Clearwater
- 95% said they feel empowered in their roles and would recommend Clearwater as a great place to work
- 97% said they feel recognised as individuals
- 95% reported that collaboration has strengthened, a reflection of our cross-regional working
- 98% clearly understand how their contributions drive Clearwater’s success
These results sit well above typical market benchmarks and show strong engagement, clarity of purpose, and pride in our culture.
Alongside the survey, we expanded learning and career development programmes and further enhanced our ClearVision network which is focused on wellbeing and inclusion across all offices. This focus on people and culture isn’t a nice-to-have, it’s integral to how we deliver exceptional client outcomes and build a business that attracts and retains top talent.
Recognition that matters
Being named Pan-European Corporate Finance House of the Year was a real highlight of the year, an affirmation of Clearwater’s cross-border execution, sector expertise, and client service across Europe.
“2025 was a year where markets demanded focus, resilience and teamwork — and I couldn’t be prouder of how our people performed. Clearwater’s teams delivered consistently strong outcomes for our clients and stood out for their commitment, collaboration and ambition. That collective effort defines who we are and gives us great confidence as we look to 2026.”
Phil Burns, Chair and Co-Founder
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